Of course,just to throw a spanner in the works,there is always Ogg Vorbis:
http://www.vorbis.com/faq/#what
Why use this method? As it says on the site:
"Because Vorbis provides a high-quality format for you to listen to your music.
For a given file size,
Vorbis sounds better than MP3. This means:
You can keep your music collection at about the same quality level, but it'll take up less space
or you can have your music collection take up about the same amount of space, but have it sound better.
Vorbis already enjoys widespread player support and work is underway to play Vorbis files on portable hardware"
Okey,Steve Jobs wont be sweating,but it is another alternative.